News Snapshot:
Private equity firm PAG plans to merge its two Chinese industrial gases portfolio companies and seek an offshore listing for the combined entity estimated to be worth more than $10bn, two people with knowledge of the matter said. Hong Kong-based PAG is discussing with banks a plan to combine Yingde Gases Group with Shanghai Baosteel Gases Group, both Shanghai-headquartered, and then list the merged entity in what could be a billion dollar float, they told Reuters. It would mark the biggest exit so far for PAG, which is led by seasoned Chinese dealmaker Weijian Shan and manages $40bn in assets...
